#1 Why are people rich or poor?
#2 What do the rich and the poor do from the moment they wake up in the morning to the moment they go to bed at night?
Below is a summary of my study:
- I interviewed 233 wealthy individuals and 128 poor individuals over a 3 year period beginning in March 2004 and ending in March 2007.
- Of the 233 millionaires, 177 were self-made millionaires and 56 inherited their money.
- Of the 177 self-made millionaires, 105 (59%) came from middle-class households and 72 (41%) came from poor households.
- I spent another 16 months analyzing and summarizing the data, completing my initial analysis sometime around August – October 2008.
- Rich Group: $160,000 in Annual Gross Income and $3.2 million in Net Assets.
- Poor Group: Less than $35,000 in Annual Gross Income and less than $5,000 in Liquid Assets.
- About 50% of the responses were physical meetings and the rest were via phone interviews and/or emails.
- None of the subjects were aware they were being interviewed as I was trying to control for individual bias in their responses. Experts call this a blind study.
- I asked each individual 20 broad questions (144 sub-questions) re: their daily activities. When you do the math that equals 51,984 total questions.
- I tracked their responses in individual physical folders and subsequently transferred the data to two large excel worksheets for each group. I then consolidated these into what has become my Research Summary schedule. If you’d like a copy let me know.
- I analyzed each group’s responses over a 16 month period and separated these responses into specific categories, which are included in my Research Summary.
- I continued to analyze the data for 6 more years after completing the initial analysis. To date, I have documented 334 categories, or 334 different habits, behaviors, thinking and choices of both groups.
- Most of the interviews were geographically distributed as follows within the United States: 50% northeast, 20% southeast, 10% mid-west and the balance scattered across the country.
- Racially the mix was: 80% Caucasian with the balance Spanish, Portuguese, African American and other.
- 19% were Jewish and the balance primarily Christian.
- In the wealthy group, 214 were men and 14 were women.
- In the poor group 114 were men and 14 were women.
- Ages ranged from 42 to 85. 60% were age 60 or older.
I gathered data for both groups regarding their careers/employment, the percentage born to wealth, poverty or the middle-class, spending habits, academic performance, education, perceptions of wealth/poverty, various health data, inherited money data, gambling habits, home ownership, car ownership, reading habits, relationship management, savings habits, self-improvement habits, time management habits, beliefs, vacation habits, volunteering habits, networking habits, voting habits and work-related data.
I have written numerous books, each sharing different aspects of my research.
My most famous book, Rich Habits, broke the top 100 in all books sold on Amazon in the U.S. for three consecutive weeks in 2013. It continues to be a consistent bestseller on Amazon in the U.S. and around the world. In 2017, China South Publishing and Media Group, the sixth largest publisher in the world, published Rich Habits in simple Chinese.
My second book, Rich Kids became an Amazon bestseller in 2015 and has won several literary awards.
My third book, Change Your Habits Change Your Life went on to become an instant bestseller on Amazon and continues to be one of my most sought after books. In 2017, China South Publishing and Media Group also published this title in simple Chinese.
My fourth book, Rich Habits Poor Habits, was published in the U.S. in October, 2017 by Wilkinson Publishing, a major international publisher located in Australia.